Any current/future new fundraising through debt or equity?

The company aims to be debt-free within two years following the slump sale transaction and expects a reduction in interest costs gradually. Borrowings as of March 31, 2024, were ₹102 crores and are expected to come down as the company receives consideration from the transaction. The transaction improves net worth by around ₹296 crores on day one and unlocks about ₹700 crores of non-funded bank guarantee limits, facilitating working capital availability. There is no explicit mention of plans for new fundraising through debt or equity in the current discussion. The focus is on improving working

Any current/future capex/capital investment/strategic investment?

Investments have been budgeted and approved in the business plan to build additional capabilities in Durgapur, focused on pressure vessels and cryogenic segments. The promoter has supported these investments with parent company guarantees, ensuring alignment and backing. The company is focusing on high-margin, cash-accretive deals, especially in services, upgrades, and the Durgapur facility’s industrial segment (pressure vessels, cryogenics). Strategy includes building competence to generate value from unique capabilities like pressure vessels and supporting FGD customers in India and 13

Future growth expectations in sales/revenue/volumes?

GE Power India expects a sustainable market share of 7-8% within the ~₹18,000 crore market size, focusing on stable, quarter-on-quarter revenue growth. The company is shifting focus from new coal EPC projects to high-margin, cash-accretive services, upgrades, and equipment supply with faster cash conversion cycles. The retrofit and modernization (R&M) market for thermal power plants offers a 60 GW opportunity, which GE Power India is actively targeting. Growth areas include service upgrades, focus on FGD equipment supply, and expansion of capabilities in Durgapur for pressure vessels and

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a sustainable market share of 7-8% within an 18,000 crore market, focusing on high-margin, cash-accretive deals. Post carve-out of hydro and gas businesses, the company expects a stable revenue base of around 1,000 crores, with a double-digit EBITDA margin anticipated from FY '26-'27. Legacy orders are currently pressuring profitability; however, new orders with improved margins are expected to turn operations profitable at EBITDA level within two years. Free cash flow is expected to improve significantly post-transaction due to reduced working capital cycle and de-ri

Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2024, the total order backlog is approximately INR 2,600 crores. Hydro segment backlog is around INR 1,600 crores. Gas segment has no backlog as it is a related party business. Remaining business retains about INR 1,000 crores of order backlog. The company expects to secure three more projects in the next five years as factored into the valuation. Focus is on steady state with double-digit EBITDA expected by FY 2026-27 after executing legacy orders. Current large hydro EPC projects have long gestation and delays, affecting working capital and cash flow. Emphasis is on high-marg

GE Power India LtdQ1 FY25Electrical Equipment

GE Power India Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹590.95P/E: 10.7Market Cap: ₹4.0K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 4

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 4

GE Power India expects a sustainable market share of 7-8% within the ~₹18,000 crore market size, focusing on stable, quarter-on-quarter revenue growth.
The company is shifting focus from new coal EPC projects to high-margin, cash-accretive services, upgrades, and equipment supply with faster cash conversion cycles.
The retrofit and modernization (R&M) market for thermal power plants offers a 60 GW opportunity, which GE Power India is actively targeting.
Growth areas include service upgrades, focus on FGD equipment supply, and expansion of capabilities in Durgapur for pressure vessels and cryogenic markets (non-coal).
The Durgapur unit has increased service load from 10,000 to 170,000 hours, aiming to recover under-utilization losses and fill capacity through new backlog and exports.
Net revenue after carve-out of hydro and gas businesses is expected around ₹1,000 crores, targeting double-digit EBITDA margins by FY 2026-27.
The company anticipates profitable unrestricted free cash flow, improved credit ratings, and a debt-free status within two years, supporting future growth.

Margin guidance

Category 1

The company targets a sustainable market share of 7-8% within an 18,000 crore market, focusing on high-margin, cash-accretive deals.
Post carve-out of hydro and gas businesses, the company expects a stable revenue base of around 1,000 crores, with a double-digit EBITDA margin anticipated from FY '26-'27.
Legacy orders are currently pressuring profitability; however, new orders with improved margins are expected to turn operations profitable at EBITDA level within two years.
Free cash flow is expected to improve significantly post-transaction due to reduced working capital cycle and de-risked EPC exposure.
Interest costs (~66 crores currently) are expected to reduce gradually, with the company aiming to be debt-free within two years, supporting better earnings.
Positive unrestricted free cash flow and better return on equity are expected due to net worth enhancement of about 296 crores from the transaction.

See what GE Power India Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company aims to be debt-free within two years following the slump sale transaction and expects a reduction in interest costs gradually.
Borrowings as of March 31, 2024, were ₹102 crores and are expected to come down as the company receives consideration from the transaction.
The transaction improves net worth by around ₹296 crores on day one and unlocks about ₹700 crores of non-funded bank guarantee limits, facilitating working capital availability.
There is no explicit mention of plans for new fundraising through debt or equity in the current discussion.
The focus is on improving working capital, reducing debt, and stabilizing cash flow through this transaction rather than raising fresh capital.

Order book

As of March 31, 2024, the total order backlog is approximately INR 2,600 crores.
Hydro segment backlog is around INR 1,600 crores.
Gas segment has no backlog as it is a related party business.
Remaining business retains about INR 1,000 crores of order backlog.
The company expects to secure three more projects in the next five years as factored into the valuation.
Focus is on steady state with double-digit EBITDA expected by FY 2026-27 after executing legacy orders.
Current large hydro EPC projects have long gestation and delays, affecting working capital and cash flow.
Emphasis is on high-margin, cash-accretive deals with faster cash conversion cycles.
Strategic shift towards service and R&M business alongside existing backlog management for sustainable quarter-on-quarter revenue.

See what GE Power India Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Investments have been budgeted and approved in the business plan to build additional capabilities in Durgapur, focused on pressure vessels and cryogenic segments.
The promoter has supported these investments with parent company guarantees, ensuring alignment and backing.
The company is focusing on high-margin, cash-accretive deals, especially in services, upgrades, and the Durgapur facility’s industrial segment (pressure vessels, cryogenics).
Strategy includes building competence to generate value from unique capabilities like pressure vessels and supporting FGD customers in India and 13 other countries.
No investment in new coal EPC projects due to GE Vernova's strategic exit from new coal business and balance sheet constraints.
Emphasis on stabilizing quarter-on-quarter performance with positive margin and free cash flow through strategic capex in selected business areas.

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